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Life Insurance is a contract between the policy owner and the insurance company where the insurance company agrees to pay upon the death of the policy owner. The money is paid to a beneficiary that is designated in the policy. The purpose of life insurance is to help the beneficiaries maintain their standard of living after the death of the insured.

There are two types of life insurance: term life or cash value life. Some policies are essentially both. Term life pays a sum to the beneficiary when the insured dies during the coverage period. Term policies do not accumulate value during the life of the policy. Cash value life provides a variety of features and benefits in addition to the death benefit of a term policy. Cash value life insurance policies have a savings element built into the policy that accumulates over the life of the policy. The insured usually has the option to withdraw, invest or borrow money against the value of the cash value life policy. Term policies are usually less expensive than cash value life policies.

How much coverage do you need? It depends on your financial position, the number of beneficiaries that need to be supported and the number of years they will need financial support. A common rule of thumb is approximately six to eight times the your annual gross salary. Although a good rule of thumb, this may or may not be the right amount for your family. As an example, if much of your annual gross income comes from unearned income or investments, then your coverage requirements might be lower. Unearned income is an individual's income derived from sources other than employment such as interest and dividends from investments or income from rental property. Unearned income would continue if you were disabled or deceased. However, if there is any debt associated with the investments that are supplying the unearned income portion of cash flow, those debts should be factored into the equation of need. The key to determining coverage is the existence of dependents and the degree of that dependency.

Choosing the right life insurance company and coverage is vital to ensuring your family's protection in case of your death. Buying life insurance can be confusing. To help you in this process, speak with qualified agents who will answer your questions and compete for your business. We make this process simple. Our customers come from Detroit, Grand Rapids, Warren, Sterling Heights, Ann Arbor, Lansing, Flint, Kalamazoo, MI and other great cities in the The Great Lakes State to find cheap life insurance and other coverage from top rated insurance companies. Our Michigan insurance agent and broker referral network can help you compare rates from the comfort of your home.